Montecito Market Update - June 2020

June was an exceptional month for Montecito real estate.

Pending sales, which is a great indicator of market strength, skyrocketed in June with approximately 49 properties in escrow, while the number of pending sales in June 2019 was only 22. Not only that, but the number of June 2020 sales was 27% higher than the number of sales in June 2019.

Because inventory is very tight, sales are frequently more competitive, with some homes not even making it into the MLS before selling. The majority of this activity is under $8M and although there has been a noticeable uptick in showings for the higher end estate properties, those sales are still lagging the $3-$8M market. All indications are that we should continue to see strong demand with buyers coming from both Northern and Southern California, as well as other parts of the country.